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Bitcoin's Price Climbs Above $6,600 to Reach New Market High
Bitcoin's price has hit yet another all-time high, passing above the $6,600 level.
Par Wolfie Zhao
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The price of bitcoin has reached yet another all-time high this week, rising past $6,600 for the first time.
Markets hit an average high of $6,629.00 around 16:34 UTC, data from the CoinDesk Bitcoin price Index (BPI) shows.
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The market ramp came hours after CoinDesk's Bitcoin Price Index reported a first-ever high of $6,500 on November 1, pushing the total market capitalization of Bitcoin to over $110 billion.
Recent price advances have increased the share of bitcoin's market capitalization compared to the rest of the cryptocurrency ecosystem. According to the data from CoinMarketCap, bitcoin accounts for nearly 60 percent of the entire $183 billion cryptocurrency market.
As of press time, the price had fallen back below $6,600, trading at around $6,579.
Hot air balloon image via Shutterstock
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Crypto majors soften while Asian equities rebound modestly, with traders continuing to weigh quantum fears, ETF flows and a possible shift in bitcoin’s broader trend.
Ce qu'il:
- Bitcoin look weak after failing to keep gains above $70,000.
- Weakness in large caps could soon filter through to small caps, which have been resilient lately.
- On-chain data suggest the market is in a stress phase without a clear capitulation bottom.
- Debates rage over impact of quantum-computing risks, a controversial BIP-110 spam-reduction proposal and shifting institutional flows.
